Swiss entrepreneur Giorgio Behr has launched a 385 Swiss franc per share bid for Switzerland's sia Abrasives, valuing the company at around 290 million Swiss francs ($264.1 million). Behr had increased its stake in sia by 13 percent to 38 percent, Behr's investment holding group Behr, Deflandre & Snozzi AG said late on Monday.

"Giorgio Behr plans to raise his stake further and announces a public offer with a price of 385 francs per share and the usual conditions of a mandatory offer," the investment group said.

"This represents a premium of just under 10 percent versus the closing price of 354.50 francs on the day before the offer was made," the group said.

In 2007, sia posted sales of 298 million francs and an operating profit of 30.3 million francs.

Source: Reuters